The editorial board of the New York Times wants to know why New York is currently filled with empty stores. There have been numerous stores closing that have affected all different areas including part of Brooklyn and Manhattan. According to the editorial board, one of the prominent problems is a new type of vacancy tax the owners of all unoccupied storefronts must pay. The editorial board of the Time’s failed to mention their involvement in the current issue experienced by the cities. They have been advocating for a minimum wage of $15.
The concerns regarding employment in retail businesses is valid. The data of the Labor Department showed there was a decline experienced by the retail trade sector in New York City in 2016. This was regarding the growth of employment, and has not occurred since 2009. According to the current data, the expected decline for 2017 regarding employment in retail is expected to be a lot worse. A similar fate is affecting the cities restaurant sectors. This is occurring in both the limited-service and full-services sectors in the cities. The growth of the average employment from 2015 was more than double the current average. For more details regarding the issues facing New York, please visit Your text to link….
The problem began when New York state decided to experiment by raising the minimum wage. When 2016 had only just started, the city raised the minimum wage by half. The fast food workers saw an increase of almost seventeen percent when their hourly wage increased to $10.50. Towards the beginning of 2017, wage floor increases exceeded $12 per hour. There was an increase of 22 percent in all businesses wages to $11 per hour. By the time 2018 concludes, New York City’s minimum wage for all business with employees numbering eleven or higher will increase to $15 per hour. This represents an increase of 67 percent from 2015.
These increases were supported by the editorial board of the Times, and all the critics were dismissed as being stingy. The arguments for a $15 minimum wage were shaky, and their basis was not on rigorous research, but rather the talking points of the union. The research performed by the neutral third-parties did not come as any surprise when it showed the Times advocacy of $15 was a folly.